Click here to view online with images.
 
 

June 2019

 

Whether you are looking to buy or sell, I can offer the highest levels in real estate expertise and professionalism. Don’t hesitate to contact me and allow me to help guide you through that process!

Pamela Stone
Realtor CalBRE# 01423181
ps4potential@gmail.com   |   442-234-2572
http://www.berkshirehathawayhs.com/

Visit me on Facebook

 
 

HOMEBUYERS’ ADVICE

Buyers Are Considering Fixer Uppers

The limited number of entry-level homes for sale coupled with rising prices is turning many homebuyers’ attention toward homes that need updating or repairs.

Homes that need work are in less demand than homes that are in pristine condition, affording homebuyers the opportunity to pay less for a home, yet get the features and ambiance they want through remodeling.

According to realtor.com's most recent homebuyer survey, over half of participating homebuyers are willing to spend $20,000 or more on renovation. Why? Ninety-59% of them are confident they’ll get a positive return on their investment.

The survey found that about three out of five home shoppers under 55 years-old are considering buying a home that needs renovating, and fifty-nine percent of homebuyers between 18 and 34 years-old are willing to tackle a fixer-upper.

Ideas for renovations are easy to find on your cellphone or tablet from Pinterest and Instagram to Houzz, to a plethora of home remodeling shows on your television. In fact, 60% of homebuyers surveyed said they were influenced by home remodeling shows to consider buying a fixer-upper.

One-third of homebuyers said that a kitchen upgrade would be their first priority, and one-quarter said they wanted to remodel a bathroom, followed by 20% who want new wood flooring.

According to the National Association of Home Builders, homebuyers are most interested in having a laundry room to close off piles of dirty clothes and linens, along with Energy Star appliances and windows throughout the home.

HOMEBUYERS’ ADVICE

Five Ways Homebuyers Get the Wrong Impression of Your Home

You’ve done everything right, or so you think. You’ve painted, landscaped and staged, but your home isn’t selling as fast as you thought it would. Here are some surprising reasons why buyers may have the wrong impression.

Poor photography. Don’t take pictures of anything that won’t help your home sell. Make your eye see details, like mail sticking out of the mailbox, trash receptacles on the front lawn and tricycles in the driveway. Take the time to remove anything that doesn’t enhance your home’s presentation.

Pets. Barking dogs can be intimidating, distracting and sometimes dangerous. Secure your pet in a crate during showings, board them, or take them with you. Otherwise, buyers won’t feel comfortable viewing your home. 

The car park. If you have a two-car garage and two cars, put both cars in the garage. If you have more vehicles than garage spaces, with cars on the street, it makes your home appear too small for the number of occupants.

Being too controlling. When you limit the times your home can be shown, you’re handicapping homebuyers who may only be able to come at that time.   

The wrong price. Your home is in a neighborhood of similar homes in vintage or size. If homebuyers don’t see the reasons why your home is worth more than other similar homes, they’ll move on to the next listing.

You can count on your Berkshire Hathaway HomeServices network professional to help you avoid similar mistakes and sell your home in a timely manner.

HOMEOWNERS’ ADVICE

Running a Business From Your Home

As a homebuyer who intends to work from home, you want to find the perfect place to start or expand your at-home business. But there’s a lot more to consider besides finding the right space to do your work, including how your at-home business may affect your neighbors. While telecommuting is unlikely to bother anyone, other businesses may not be so innocuous.

Here are a few things to keep in mind.

Business zoning. Many communities have zoning ordinances that place limitations on businesses operated from homes not zoned for commerce. Some enterprises increase traffic, signage, parking problems, and noise which could diminish home values in a residential setting. Contact your city and find out if there are any restrictions for the type of business you want to run.

Homeowner's restrictions - Homes under homeowner’s association management may also have rules about at-home businesses because they’re also concerned with protecting property values. Obtain a copy of the HOA’s CC&Rs (governing documents) to learn what is permitted or not permitted. This is to prevent commercial traffic, chemical smells and loud sounds that could disrupt the community.

Taxing Authorities – Your CPA or tax attorney can explain homestead rules to you, and how much of your home you can use for business. IRS.gov provides rules for home business deductions, but if you have questions, contact your professional advisors.

FINANCIAL ADVICE

Recourse and Nonrecourse Mortgage Loans

Recourse or non-recourse loans are a topic that may never come up while you’re applying for your mortgage, but it’s nonetheless important to know what they are. They’re not a type of loan like fixed rate or adjustable rate, nor are they conventional or government-guaranteed loans like FHA and VA loans.

Whether a mortgage loan is recourse or non-recourse depends on the lending statutes in the state where you buy your home using a home loan. Nolo.com defines a recourse state as that which allows the lender to pursue a deficiency judgment in court. A deficiency is typically the difference between what is owed to the lender and what the lender can collect through foreclosure. This means that in recourse loan states, the lender is likely to have “recourse” to collect the debt if you default on your mortgage. If the amount you owe on your mortgage is greater than the amount the lender can obtain in a foreclosure, you could be pursued for the deficiency.

Generally speaking, in a non-recourse state, the lender can neither obtain a deficiency judgment nor collect anything beyond what the foreclosure sale of the property may bring. According to Legalmatch.com, there are currently 12 non-recourse states: Alaska, Arizona, California, Connecticut, Hawaii, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah and Washington.

Keep in mind that each state has different rules about deficiency judgments, so to learn more, contact your lender or your real estate attorney.

 
 
Share this with someone:

DRE#: 01423181
78-555 Hwy. 111 Ste. 100 La Quinta, CA 92253

©2019 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.